Chargeurs

We have upgraded our 2017 earnings on the back of the excellent 2016 delivery and complemented by a strong Q1 top line. Beyond 2017, it is hard to expect any additional progress in already very strong margins. More may depend on acquired growth.

We have significantly increased our NAV due to the higher valuation of Protective Films. This business benefits from higher industry (specialist chemicals) multiples and improved EBITDA outlook.

The strong increase reflects a higher cash generation potential made clear by solid 2016 earnings as well as a positive first stab at 2019. Out-year growth is kept low and assumes an erosion in margins.